M G Chandrasekhar steps down as Devas chairman

New Delhi: Amid its standoff with Antrix, Devas Multimedia has witnessed a change of guard at the helm with former ISRO official M G Chandrasekhar stepping down as
chairman of the company.

"Chandrasekhar has tendered his resignation and stepped
down as the Chairman of the Board of Directors of Devas
Multimedia effective March 16, 2012," a company statement said
here on Thursday.

Former Vice Chairman and President of Verizon Lawrence T
Babbio has been appointed as the new Chairman of the Board of
Directors of Devas.

Chandrasekhar will continue to serve as a director of the
company.

Devas Multimedia has approached the International Court
of Arbitration seeking restoration of its contract with ISRO`s
commercial arm Antrix.

Invoking national security reasons, the government had
scrapped the USD 300-million contracts to allot 70 MHz of
scarce S-band space segment to Devas through the transponders
of ISRO`s proposed GSAT-6 and GSAT-61 communication
satellites. The Arbitration process is scheduled to begin next month.